In florida, has anyone experienced a payroll garnishment for the balance owed on a vehicle after it was auctioned off after being surrendered via voluntary reposession? Is this even legal?
2007-03-08 04:00:20 · 3 answers · asked by Desperate Renter 1 in Politics & Government ➔ Law & Ethics
As far as I know, in most states it is legal. The bank is allowed to get the total amount you owe them - if the car is sold they must deduct that money from your balance and you are still responsible for the balance owed.
Why should the bank be out the money because you decided to turn the car in.
2007-03-08 04:04:03 · answer #1 · answered by Susie D 6 · 0⤊ 0⤋
When your car is repossed, it's sold at auction. If the car dosn't bring enough money to satisfie the loan then they turn to you for the remaining balance. The fianance company got a court order to garnish your wages. the only way out I know of is to bankrupt on the balance. It's a raw deal but that's the way it works, sorry man I know first hand how you feel, but this will pass. Believe me things will get better, you just have to hang in. If your in way to deep like so many are, and it's so easy to do, contact a bankrupt attorney and find some options to getting relief. You may not need to bankrupt but when all this is going on, it gets difficult to think. I hope this helps.
2007-03-08 04:11:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Absolutely its legal. Just because a deadbeat no longer has possession of the vehicle does not absolve them of the responsibility to pay for it as agreed to at the sale. When you agree to buy and pay for a vehicle, you enter a binding contract to pay the full amount of the price agreed on. Whetehr or not you have the vehicle is irrelevant. You are on the hook!
2007-03-08 04:07:47 · answer #3 · answered by rico3151 6 · 0⤊ 0⤋